The Consumer Price Index is still on the rise in Lebanon, standing at 7.6% in July which is the highest recorded level in the past five years. Food and non-alcoholic beverages prices rose by six percent, rising oil prices caused electricity and gas prices to surge by 17 percent and transportation cost rose by 12.9 percent as well. The cost of health services rose 5.9 percent while the prices of clothing and footwear soared 14.6 percent. [Source]
There are several factors behind this trend which is likely to continue till next year according to reports. Given that consumer purchasing power is already at an all-time low recently, increasing inflation rates will only diminish it further and harm the economy as a whole. In such circumstances, the authorities should take some measures to contain the increase in cost of basic day-to-day necessities for families with children, as well as health care and other basic needs but it’s been three months and we can’t even form a government yet.